GE Bank / Drastically declining credit limit

I have been a loyal customer of Belk's for 10 years. They have been top on my lists of retail stores. I spend a lot of money there, so much that they have promoted me to the ELITE status. I always choose the 30/60/90 plan, due to you can pay it off in 90 days with no interest. During my time as a Belk customer, there has been only one time that I have been late on my payment (one month), and that was due from being ill. But the next month paid the whole balance off. Often, which was 95% of the time I paid balance off with the first statement. On September 2008 I received notice that my credit limit was being raised from $1900 to $2650 due to being a great customer. That limit is raised by GE Bank not Belk.

November 15 I get a shocking, insulting, and disgusting letter indicating that since I failed a scoring system, and didnt score well with this so-called system they didnt find me having creditworthiness, and chose to reduce my limit to a mere $100.00. They also said that it was also caused by low ratio of payments to amount, maximum consecutive balance decreases over, percentage of times 1 or more biling periods past due, and low ratio of payments to balance over.

I called the GE Bank, and I asked them to explain the credit limit increase from 1900 to 2650, two months prior. It must be added the late payment was prior to the increase in September. And then later, after the fact decide to lower it to a mere bottom of $100.00. They said they didnt know, but a lot of others were complaining and angry. I asked if there was anything that I could do to dispute this, they said no because Belk and GE are the same.

I called Belk, and they claim to know nothing of the kind that GE was doing this. And advised them it would have been nice to have been forwarned. I am sure the retails are getting hammered. Sharon from Belk has been on the phone with the diretor of GE trying to get my situation fixed. GE wouldnt do a thing when I called.

It appears to me that GE is trying to get rid of the credit card users that they make no money on. And maybe their credit scoring system is used to find of the people who use the cards for revolving will stay, and others will be declined in using them.

GE is evil in their actions, they are having financial troubles and taking the dedicated customers down with them, even if they have to hurt their credit rating. Shame on you GE. But what they apparently realize, is by doing what they have done to me and others, people will not go to the retail stores that are failing them the credit rights, which will result in a domino effect by hurting the retail stores.

Not only are they lowering limits for customers who haven't used the cards in a while. They lower the limits on active cards with balances on them. I called GEMB and asked why and they told me the same thing everyone else on here has heard. I asked her "My credit has not changed since I opened this account; you have already issued me credit based on the SAME decision."

I have never received any answers on any of their policies other than "It is explained in your disclosure statement". I have asked for copies of my disclosure statements three times over four months and I have never received it. They told me it is also online, however I have not checked.

So far, I have paid off and closed my Amazon.com, Belk, Lowes and PayPal. There's four accounts serviced by GEMB that are no longer. Next I plan on closing Care Credit and Wal-Mart once they are paid.

I am completely set on deterring any consumer from using their services, we have the right to take action and you bet I am.